On December 9, 2014, the Institute of Public and Environmental Affairs, Lvse Jiangnan and Green Hunan jointly released the Green Stocks Phase II Report. The report points out that a range of listed companies in the heavy and chemical industries are in repeated violation of discharge standards and so have become a serious source of risk because of their potential to contribute to smog problems. The report also calls on investors to take note of the investment risk of listed companies in industries that are responsible for smog problems.